a 3. The following are selected transactions which you are required to journalize: a. On...
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a 3. The following are selected transactions which you are required to journalize: a. On March 1, ABS Co. received P2,750,000 cash from various shareholders in exchange for the maximum number of ordinary shares at a par value of P50. b. On April 1, GMA Co. issued no-par 8,000 ordinary shares with a P50 stated value in exchange for P500,000 cash. Use Paid in Excess of Stated Value for excess payment. c. On April 16, TV 5 issued 5.600 ordinary shares with a P50 par value in exchange for the following: P350,000 of inventory which market value is lesser by P50,000. d. On May 2, CNN received from a shareholder electronic equipment worth P255,000 with an attached P100,000 mortgage note to be assumed by the corporation. Shares with a par value of P100 were issued accordingly Refer to a and d, how many shares were issued? a a
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